30 June 2016

IAG New Zealand Limited - Section 78 Appointed Actuaries Report as at 30 June 2016 This report has been prepared in accordance with section 78 of the Insurance Prudential Supervision Act 2010 (“Act”) and details the review of the actuarial information, as defined in section 77(4), used in the preparation of IAG NZ Limited’s (“IAG”) 30 June 2016 financial statements as required under section 77 of the Act (“review”). It states the following: a. The review was carried out by Christian Barrington, IAG’s Appointed Actuary. b. The Appointed Actuary reviewed the actuarial information and financial statements. c. The review covers actuarial information in, or used in the preparation of, financial statements. There was no limitation to the review of actuarial information carried out by the Appointed Actuary. d. The relationships (other than that of actuary) and interests that the actuary has in IAG (or any of its subsidiaries) are as follows: (i) An annual short term incentive payment is a portion of the Appointed Actuary’s remuneration. This payment relies partly on the financial performance of IAG. (ii)The Appointed Actuary holds an insurance policy with IAG. e. All the information and explanations required by the Appointed Actuary were provided. f. In the opinion of the Appointed Actuary and from an actuarial perspective: (i) the actuarial information contained in the financial statements has been appropriately included in those statements; and (ii) the actuarial information used in the preparation of the financial statements has been used appropriately. g. In the opinion of the Appointed Actuary IAG is maintaining the solvency margin that applies under a condition imposed under section 21 (2) (b) of the Act at 30 June 2016. h. At 30 June 2016 IAG was not required to have a Statutory Fund in relation to its life business. As such no opinion under section 78 (h) of the Act is required.

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IAG New Zealand Limited - Section 78 Appointed Actuaries Report as at 30 June 2016 This report is not required to be prepared in accordance with professional standard 90: Communication of Professional Advice of the New Zealand Society of Actuaries. All matters that are required under this standard are contained within the 30 June 2016 Financial Condition Report. Signed

Christian Barrington Appointed Actuary IAG NZ Limited Fellow of the New Zealand Society of Actuaries Date 03 August 2016

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